Sandy Horowitz turns to Jim Coyne for property help

Former Albany County Executive Jim Coyne today said he has been hired to oversee and manage the Troy properties owned by embattled landlord Sandy Horowitz.

Horowitz owns an important chunk of Troy’s downtown, but his ownership has been marked by vacancies and maintenance issues. The landmark Cannon Building, for example, was shuttered last year for code violations, and upper floors of the apartment and office building (pictured at right) are still not approved for occupancy.

Coyne said fixing the situation at the Cannon and other properties is why he’s been hired by Horowitz, who lives in California. “I think he wants to do everything,” Coyne said. “But that’s hard to do when you’re 3,000 miles away. I think that’s why he asked me to come on board.”

Coyne (at left) has extensive real estate experience, playing crucial roles in the development of the Times Union Center and the redevelopment of the Washington Avenue Armory in Albany. But he also served three years in prison on a corruption conviction related to the arena’s construction.

And it isn’t clear how much of influence Coyne can have on the Cannon, as a federal judge has appointed a receiver for the building, which is in foreclosure. Horowitz, meanwhile, has filed for Ch. 11 bankruptcy protection in a California court.

Last week, Horowitz Management of Troy, the entity that owns the Cannon, also filed for Ch. 11 bankruptcy protection. Peter Lively, Horowitz’s attorney, today said the move was made to stave off the potential foreclosure.

Lively, who said he was not aware of Coyne’s hiring, said his client is seeking to fix the Cannon’s issues “and get it rented it out again” and “get it cash flowing again.”

Coyne, noting that doesn’t start his new job until next week, said he didn’t know the details of Horowitz’s financial situation.

“I really don’t know all of the in and outs yet,” Coyne said. “I just know that there are a lot of issues that need to be addressed.”

Horowitz owns at least eight downtown Troy properties. As of January, he also owed more than $600,000 in back property taxes. His issues have angered Troy residents and city officials who consider the landlord an impediment to the revitalization of downtown.

Jim Coyne has paid his debt to society. Let it go. He’s a huge contributor to the ecomony of the Capital District. Give him some credit. I’m glad for him. I’m sure he’ll do a great job. Troy can’t get any worse!!

Jim Coyne is the “Times Union Center.” He made it happen. He did pay his debt to society and “Let he (she) who is without sin cast the first stone.” May he do well with his experience as Troy has an interesting downtown. Peace to all.

It has been my understanding that Matthew J. Ryan of Troy has been talking to multiple parties trying to lease out the Ilium and the Tosca.It is in my opinion that he is trying to do this behind the back of Sandy Horowitz and also the receiver appointed by the courts to oversee the Cannon Building. Mr. Coyne and the receiver should investigate anything Sandy Horowitz or Matthew Ryan are trying to do with these properties to make sure that everything is done legally and above board.

Give Coyne a break, he served his time for a bogus charge. Sort of like the shaft Bruno’s getting from a judge whose son was employed by the body doing the investigation. I agree Troy can’t get any worse. Coyne has always been a dynamic personality, I would however advise him to get his pay in advance!

Major Player – Proceed with extreme caution on any dealings with Matt Ryan or Sandy Horowitz. Chances of getting burned are pretty good. Neither of them have a reputation for telling the truth. Do you research! There is a lot of information available on the net.